Bain Capital’s increased offer price marks the latest salvo in the running battle between the two private equity giants over the US$4-billion software maker
U.S. private equity firm Bain Capital will raise its offer price for Japan’s Fuji Soft by around 1.6 per cent, it said on Wednesday, trumping a recently increased tender offer bid from rival KKR
KKR had initially bid 8,800 yen per share in August but raised this to 9,451 in response to an earlier Bain bid of 9,450 per share. The bidding war illustrates Japan’s growing prominence as a hot spot for deals, as rising demand from private equity firms stokes competition. Bain has said it will only launch its bid after obtaining company support, which it has not yet received.
Fuji Soft’s management then came out in support of KKR and rejected Bain’s bid last month after the completion of KKR’s first round, arguing the latter bid would not be viable as KKR could now block it. Bain said this disregarded the interests of shareholders and would like to continue using that information to launch the tender offer as soon as possible.
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